According to recent figures released by the National Bureau of Statistics, Nigeria’s inflation rose to 14.89% in November, the highest amount in over 31 months (NBS).
According to the NBS, this is the 14th straight month the rate has risen and may be attributed to higher food prices caused by border closures, dollar restrictions, and even attacks on farmers producing food for the country.
A study published on the official NBS website on Tuesday 15 December shows that the current inflation rate is 0.66 percentage points higher than the rate reported in October 2020 (14.23 percent).
The Nigerian economy is yet to recover from the impact of the coronavirus and the decline in crude oil prices, the key source of foreign revenue for Nigeria.
The composite food index increased sharply by 18.30 percent in November 2020, compared to 17.38 percent in October 2020, in the latest survey.
The price rises for bread and cereals, potatoes, yam, and other tubers, meat, fish, fruits, vegetables, and oils, and fats is responsible for this rise in the food index.
The food sub-index rose by 2.04 percent in November 2020 on a month-on-month basis, up by 0.08 percentage points from 1.96 percent in October 2020.
In November 2020, core inflation, excluding the prices of volatile agricultural products, stood at 11.05 percent, down 0.09 percent from 11.14 percent in October 2020.
The highest increases were reported, according to the NBS, in the prices of air passenger transport, medical services, hospital services, furniture repair, road passenger transport, maintenance and repair of personal transport equipment, spare parts for vehicles, hairdressing salons, and personal grooming facilities, pharmaceuticals, paramedical services, and motor vehicles.
The report also shows that food inflation was highest in Kogi, Sokoto and Zamfara and Ebonyi in November 2020 on a year-on-year basis, while Abia, Bauchi and Gombe and Nasarawa reported the slowest increase.